Pepper behemoth Phuc Sinh valued at $320M by European fund
By Tat Dat January 16, 2024 | 11:23 am GMT+7
Phan Minh Thong, chairman of Phuc Sinh Corporation. Photo courtesy of Phuc Sinh
Phuc Sinh, Vietnam’s largest pepper exporter, has been valued at US$320 million and will receive funding from a European investor this month to build two large coffee processing plants.
Its chairman, Phan Minh Thong, said late last year his company signed a deal for the investment from the fund.
The fund will also help the corporation achieve sustainable agriculture and enhance brand recognition, creating a premise for an overseas IPO. Thong said Phuc Sinh has an annual turnover of around $300 million and over 100 export markets.
Phuc Sinh said it has had an 8% share of the world pepper market since 2007.
Recently the firm entered the coffee industry with exports mainly to Europe. It has a coffee plant each in the Central Highlands province of Dak Lak and northern Son La Province with a total capacity of 30,000 tons per year.
Phuc Sinh also runs the K Coffee cafe chain, which it opened with 10 stores in 2023.
According to agricultural export support portal SFV-Export, Phuc Sinh remained to lead Vietnam’s leading spice exporter with a growth rate of 18% in 2023.